Planning may have a thing or two to say about this, as the separation to King Charlotte is only ~20 m and the floor plate is >800 sq m, both outside the ranges specified in the tall building guidelines. However, King Charlotte was planned before the current guidelines came into effect and thus was built right up to the lot line, and technically this proposal does exceed the 12.5 m setback requirement from the centre of the lane, so they're claiming compliance. Not sure whether planning will buy that.
As for the architecture, the podium looks good by most architects' standards, but I think HPA have done better work elsewhere. The tower is not exciting, but could still turn out OK, depending on the execution. Given Plaza's record, I'm mildly pessimistic.